economic development

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Economic developmentclick for a larger image
Fig. 51 Economic development. The income per head and economic structure for selected countries, 2002. Source: World Development Report , World Bank, 2004.

economic development

a process of economic transition involving the structural transformation of an economy through INDUSTRIALIZATION and a raising of GROSS NATIONAL PRODUCT and INCOME PER HEAD.

Generally speaking, DEVELOPING COUNTRIES are characterized by subsistence primary production (mainly agriculture) and low levels of income per head; DEVELOPED COUNTRIES are characterized by large manufacturing and service sectors and high levels of income per head.

Capital INVESTMENT is a significant factor in the transformation process. Investment not only enlarges an economy's capacity to produce goods and services and raises the PRODUCTIVITY of resources but also, via multiplier effects, increases aggregate demand and national income. An increase in national income raises the level of savings, reby providing the finance for further capital accumulation. See DEMOGRAPHIC TRANSITION, STRUCTURE OF INDUSTRY, ECONOMIC AID.

References in periodicals archive ?
The hubs will be located inside the state-owned industrial parks that are currently supported by the dti under the revitalisation programme and form part of initiatives to support the township and rural industrial economy.
Kapsch also cites a weaker global industrial economy that is likely to continue while the China trade impasse is in place.
According to the company, the improved profitability in the latest fiscal quarter resulted from innovation in its market offerings as well as a favourable industrial economy.
The Industrial Internet, which is expected to redefine the way the global industrial economy operates, is in danger of failing to take off because of integration issues, according to GlobalData, a leading data and analytics company.
He said that China would keep working to promote supply-side structural reform, reduce taxes and fees, unleash domestic demand and foster new growth drivers and quality enterprises to ensure a stable run of the industrial economy and a high-quality development of the manufacturing industry.
This will have to change if the country wants to graduate from a quasi-agrarian, quasi-industrial economy to an industrial economy. Industrial economies of today use inputs and raw materials from both agricultural and industrial sectors in the most efficient ways for producing finished consumer and industrial products.
He stressed that Pakistan enjoyed an industrial economy which included shipbuilding, automobiles, textiles, chemicals, etc.
We have assembled a wide array of industrial and cleantech companies to offer investors a look at some of the underlying growth trends within the New Industrial Economy, many of which provide a buffer to greater uncertainty."
Saudi's plowing their huge profits from oil into high tech companies means they are seeking a similar control over the post-industrial economy that they had during the industrial economy, and a dominance that they now have no qualms about wielding when the West threatens sanctions in the wake of the Khashoggi affair.
On this occasion, Minister of Energy, Industry and Mineral Resources Engineer Khalid Al-Falih, stressed the importance of mineral resources as one of the most important activities to achieve the Saudi Vision 2030, which includes promising future opportunities that contribute to diversifying sources of income and enhancing the national economy, in addition to supporting the development of local industry by providing basic local crude materials that form the basis of any advanced industrial economy. The Minister also said, "The value of the geological inventory of minerals in the Kingdom exceeds SR 4.9 trillion, which is one of the Kingdom's rich resources in various crude materials such as Phosphates, Iron Ore, Bauxite, Gold, Zinc, Copper and industrial minerals".
She explores the adaptation of their Metis culture and identity after the end of the fur trade in southern Alberta as the Canadian West transitioned to a sedentary agricultural and industrial economy, and how they negotiated their identity through culture, gender, and kinship.
He also said that the manufacturing and construction growth confirm a robust turnaround in the industrial economy.

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